Susan Electricals India Limited manufactures aluminium and copper-based electrical winding wires conductors and cables including LT AB cables up to 1.1 kV and HT cables for power distribution transformers motor windings overhead lines and underground cabling.It supplies state-owned DISCOMs via tenders and private EPC contractors traders with government revenue at 51.17% for 9M FY26 and 49.40% FY25 alongside trading aluminium rods/wires (38.80% 9M FY26 revenue) and minor job work services all from three Ghaziabad Uttar Pradesh facilities.ISO 9001:2015 45001:2018 and 14001:2015 certified operations support India's growing wires cables market projected at USD 10.32B in 2025E to USD 22.35B by 2035P (8.02% CAGR) serving transmission infrastructure renewables and electrification.
Moderate fundamentals with elevated risk parameters
SME IPOs are higher risk, less liquid and more volatile than mainboard IPOs. Invest only after reading the offer document and understanding the risks.
Susan Electricals India Limited manufactures aluminium and copper-based electrical winding wires conductors and cables including LT AB cables up to 1.1 kV and HT cables for power distribution transformers motor windings overhead lines and underground cabling.It supplies state-owned DISCOMs via tenders and private EPC contractors traders with government revenue at 51.17% for 9M FY26 and 49.40% FY25 alongside trading aluminium rods/wires (38.80% 9M FY26 revenue) and minor job work services all from three Ghaziabad Uttar Pradesh facilities.ISO 9001:2015 45001:2018 and 14001:2015 certified operations support India's growing wires cables market projected at USD 10.32B in 2025E to USD 22.35B by 2035P (8.02% CAGR) serving transmission infrastructure renewables and electrification.
Strong business model in a growing sector with favorable industry drivers.
Evaluate market volatility and competitive risks.
+36.2%
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Seren Capital Market Maker
Seren Capital Private Limited managed 8 IPOs, with 75% listed with gains.
Post-listing volume can be low. Trading takes place in large retail lots.
Top 5 customers account for more than 40% of revenues.
Scale of operations is relatively small, with minor audit flags.
Susan Electricals India Limited manufactures aluminium and copper-based electrical winding wires conductors and cables including LT AB cables up to 1.1 kV and HT cables for power distribution transformers motor windings overhead lines and underground cabling.It supplies state-owned DISCOMs via tenders and private EPC contractors traders with government revenue at 51.17% for 9M FY26 and 49.40% FY25 alongside trading aluminium rods/wires (38.80% 9M FY26 revenue) and minor job work services all from three Ghaziabad Uttar Pradesh facilities.ISO 9001:2015 45001:2018 and 14001:2015 certified operations support India's growing wires cables market projected at USD 10.32B in 2025E to USD 22.35B by 2035P (8.02% CAGR) serving transmission infrastructure renewables and electrification.
Electric Equipments
Promoters group
Whole-time Directors & Promoter group
| Company | P/E (x) | ROE (%) | Revenue CAGR (3Y) | EBITDA Margin (%) | Market Cap (₹ Cr) |
|---|---|---|---|---|---|
| Susan Electricals India (IPO) | 10.62x | 47.41% | 98.4% | 11.9% | -- |
| Accord Transformer | 15.63x | -- | -- | -- | ₹90.42 Cr |
| Aimtron Electronics | 24.67x | -- | -- | -- | ₹134.145 Cr |
| Alkosign Limited | -- | -- | -- | -- | ₹13.305 Cr |
| Artemis Electricals | 14.56x | -- | -- | -- | ₹134.775 Cr |
| Aspire & | 10.42x | -- | -- | -- | ₹529.74 Cr |
| Aureate Tradde | 15.64x | -- | -- | -- | ₹203.655 Cr |
| Cell Point | 24.1x | -- | -- | -- | ₹441.465 Cr |
| Cellecor Gadgets | 24.21x | -- | -- | -- | ₹396.525 Cr |
| Comrade Appliances | 24.88x | -- | -- | -- | ₹40.44 Cr |
| Cospower Engineering | 23x | -- | -- | -- | ₹14.865 Cr |
| Creative Peripherals | 46x | -- | -- | -- | ₹272.88 Cr |
| Delta Autocorp | 24.11x | -- | -- | -- | ₹116.175 Cr |
| Electro Force | 15.3x | -- | -- | -- | ₹69.3 Cr |
| Evans Electric | 7.19x | -- | -- | -- | ₹9.675 Cr |
| Focus Lighting | 5x | -- | -- | -- | ₹109.11 Cr |
| Ganesh Green | 23.33x | -- | -- | -- | ₹255.255 Cr |
| Goldstar Power | 29x | -- | -- | -- | ₹82.215 Cr |
| Greenchef Appliances | 14.87x | -- | -- | -- | ₹509.64 Cr |
| ICE Make | 15x | -- | -- | -- | ₹34.485 Cr |
| Indo SMC | 14.86x | -- | -- | -- | ₹337.62 Cr |
| Innovative Ideals | 15x | -- | -- | -- | ₹30.39 Cr |
| Macfos Limited | 15.22x | -- | -- | -- | ₹107.34 Cr |
| Marine Electricals | 10x | -- | -- | -- | ₹570.555 Cr |
| Maxvolt Energy | 20.57x | -- | -- | -- | ₹120.84 Cr |
| Mehai Technology | 44x | -- | -- | -- | ₹0.435 Cr |
| Nitiraj Engineers | 9x | -- | -- | -- | ₹47.91 Cr |
| Osel Devices | 19.77x | -- | -- | -- | ₹1.995 Cr |
| Powerful Technologies | 11x | -- | -- | -- | ₹93.57 Cr |
| Prizor Viztech | 16.69x | -- | -- | -- | ₹53.475 Cr |
| Pro Fx | 12.44x | -- | -- | -- | ₹165.705 Cr |
| Pulz Electronics | 9.22x | -- | -- | -- | ₹5.625 Cr |
| Quality RO | 113x | -- | -- | -- | ₹0.39 Cr |
| Riddhi Display | 14.4x | -- | -- | -- | ₹50.49 Cr |
| RMC Switchgears | 8x | -- | -- | -- | ₹85.23 Cr |
| Saakshi Medtech | 13.84x | -- | -- | -- | ₹183.09 Cr |
| Safa Systems | 29.41x | -- | -- | -- | ₹435.39 Cr |
| Servotech Power | 11x | -- | -- | -- | ₹122.685 Cr |
| Shree Refrigerations | 23.81x | -- | -- | -- | ₹148.08 Cr |
| Shri Ram | 9.8x | -- | -- | -- | ₹89.94 Cr |
| Spectrum Electrical | 17x | -- | -- | -- | ₹179.325 Cr |
| Suich Industries | 7.5x | -- | -- | -- | ₹280.095 Cr |
| Sungarner Energies | 25.94x | -- | -- | -- | ₹25.965 Cr |
| Sunrise Efficient | 9.7x | -- | -- | -- | ₹89.97 Cr |
| Viviana Power | 11.29x | -- | -- | -- | ₹48.84 Cr |
| Vivid Electromech | 24.37x | -- | -- | -- | ₹105.84 Cr |
| Wonder Fibromats | 12x | -- | -- | -- | ₹462.015 Cr |
| Zelio E-Mobility | 20.41x | -- | -- | -- | ₹258.27 Cr |
Good / Improving metrics, margins and cash flows with comfortable leverage.
| Financial Year | Revenue (₹ Cr) | EBITDA Margin (%) | PAT (₹ Cr) | ROCE (%) | ROE (%) | Debt / Equity (x) |
|---|---|---|---|---|---|---|
| FY24 | ₹103.48 Cr | 3.61% | ₹0.75 Cr | 9.47% | 12.08% | 3.99x |
| FY25 | ₹135.73 Cr | 9.06% | ₹5.65 Cr | 17.46% | 31.42% | 2.52x |
| FY26 | ₹269.35 Cr | 11.91% | ₹18.24 Cr | 29.05% | 47.41% | 1.73x |
Seren Capital Private Limited, based in Mumbai is the Lead Manager (BRLM) of Susan Electricals IPO. Seren Capital Private Limited has handled 8 SME IPOs till date of which (75%) of the SME IPOs have been listed with listing gains. Read full review of Seren Capital Private Limited .
| Name | Offer Price | Listing Price | Listing Gain | CMP | % CMP |
|---|---|---|---|---|---|
| Susan Electricals IPO | ₹127.00 | -- | -100.00% | -- | +0.00% |
| Aureate Tradde IPO | ₹70.00 | ₹70.00 | +0.00% | ₹60.00 | -14.00% |
| Vivid Electromech IPO | ₹555.00 | ₹565.00 | +1.80% | ₹1103.00 | +99.00% |
| Accord Transformer IPO | ₹46.00 | ₹50.00 | +8.70% | ₹58.00 | +26.00% |
| Indo SMC IPO | ₹149.00 | ₹149.00 | +0.00% | ₹312.00 | +109.00% |
| Riddhi Display IPO | ₹100.00 | ₹80.00 | -20.00% | ₹33.00 | -67.00% |
| Zelio E-Mobility IPO | ₹136.00 | ₹154.90 | +13.90% | ₹572.00 | +321.00% |
| Classic Electrodes IPO | ₹87.00 | ₹100.00 | +14.94% | ₹44.00 | -49.00% |
| Parth Electricals IPO | ₹170.00 | ₹174.00 | +2.35% | ₹440.00 | +159.00% |
| Shree Refrigerations IPO | ₹125.00 | ₹169.85 | +35.88% | ₹365.00 | +192.00% |
| Pro Fx IPO | ₹87.00 | ₹95.00 | +9.20% | ₹70.00 | -20.00% |
| Supertech EV IPO | ₹92.00 | ₹73.60 | -20.00% | ₹44.00 | -52.00% |
| Maxvolt Energy IPO | ₹180.00 | ₹180.00 | +0.00% | ₹404.00 | +124.00% |
| Delta Autocorp IPO | ₹130.00 | ₹175.00 | +34.62% | ₹38.00 | -71.00% |
| Yash Highvoltage IPO | ₹146.00 | ₹291.25 | +99.49% | ₹761.00 | +421.00% |
| United Heat IPO | ₹59.00 | ₹63.95 | +8.39% | ₹114.00 | +94.00% |
| Danish Power IPO | ₹380.00 | ₹598.50 | +57.50% | ₹917.00 | +141.00% |
| Osel Devices IPO | ₹160.00 | ₹207.95 | +29.97% | ₹504.00 | +215.00% |
| Prizor Viztech IPO | ₹87.00 | ₹173.55 | +99.48% | ₹838.00 | +863.00% |
| Ganesh Green IPO | ₹190.00 | ₹398.00 | +109.47% | ₹319.00 | +68.00% |
| Aimtron Electronics IPO | ₹161.00 | ₹253.05 | +57.17% | ₹1214.00 | +654.00% |
| Aspire & IPO | ₹54.00 | ₹59.30 | +9.81% | ₹14.00 | -74.00% |
| Akanksha Power IPO | ₹55.00 | ₹65.10 | +18.36% | ₹85.00 | +54.00% |
| Supreme Power IPO | ₹65.00 | ₹98.00 | +50.77% | ₹244.00 | +276.00% |
| Electro Force IPO | ₹93.00 | ₹105.00 | +12.90% | ₹23.00 | -76.00% |
| Vinyas Innovative IPO | ₹165.00 | ₹346.50 | +110.00% | ₹1428.00 | +765.00% |
| Saakshi Medtech IPO | ₹97.00 | ₹153.30 | +58.04% | ₹261.00 | +169.00% |
| Cellecor Gadgets IPO | ₹92.00 | ₹96.60 | +5.00% | ₹39.00 | +324.00% |
| Kundan Edifice IPO | ₹91.00 | ₹78.75 | -13.46% | ₹75.00 | -17.00% |
| Sungarner Energies IPO | ₹83.00 | ₹262.35 | +216.08% | ₹175.00 | +111.00% |
| Greenchef Appliances IPO | ₹87.00 | ₹104.00 | +19.54% | ₹52.00 | -40.00% |
| Cell Point IPO | ₹100.00 | ₹100.00 | +0.00% | ₹15.00 | -85.00% |
| Comrade Appliances IPO | ₹54.00 | ₹87.00 | +61.11% | ₹32.00 | -41.00% |
| Macfos Limited IPO | ₹102.00 | ₹184.00 | +80.39% | ₹1133.00 | +1011.00% |
| Arham Technologies IPO | ₹42.00 | ₹63.00 | +50.00% | ₹151.00 | +259.00% |
| Viviana Power IPO | ₹55.00 | ₹94.50 | +71.82% | ₹844.00 | +1434.00% |
| Virtuoso Optoelectronics IPO | ₹56.00 | ₹115.40 | +106.07% | ₹385.00 | +588.00% |
| Jay Jalaram IPO | ₹36.00 | ₹52.50 | +45.83% | ₹122.00 | +239.00% |
| Sunrise Efficient IPO | ₹121.00 | ₹124.80 | +3.14% | ₹60.00 | -50.00% |
| Quality RO IPO | ₹51.00 | ₹53.70 | +5.29% | ₹68.00 | +34.00% |
| Safa Systems IPO | ₹10.00 | ₹15.73 | +57.30% | ₹23.00 | +134.00% |
| Alkosign Limited IPO | ₹45.00 | ₹45.25 | +0.56% | ₹57.00 | +27.00% |
| Cospower Engineering IPO | ₹51.00 | ₹53.10 | +4.12% | ₹1779.00 | +3388.00% |
| Wonder Fibromats IPO | ₹89.00 | ₹89.05 | +0.06% | ₹94.00 | +957.00% |
| Suich Industries IPO | ₹75.00 | ₹71.35 | -4.87% | ₹4.00 | -94.00% |
| Artemis Electricals IPO | ₹60.00 | ₹69.85 | +16.42% | ₹16.00 | -73.00% |
| Evans Electric IPO | ₹52.00 | ₹54.80 | +5.38% | ₹64.00 | +23.00% |
| Marine Electricals IPO | ₹66.00 | ₹66.60 | +0.91% | ₹262.00 | +1881.00% |
| Innovative Ideals IPO | ₹40.00 | ₹45.15 | +12.88% | ₹26.00 | -34.00% |
| Spectrum Electrical IPO | ₹65.00 | ₹65.50 | +0.77% | ₹1564.00 | +2306.00% |
| Powerful Technologies IPO | ₹51.00 | ₹45.60 | -10.59% | ₹2.00 | -96.00% |
| ICE Make IPO | ₹57.00 | ₹68.40 | +20.00% | ₹762.00 | +1237.00% |
| Pulz Electronics IPO | ₹54.00 | ₹64.05 | +18.61% | ₹25.00 | -53.00% |
| Goldstar Power IPO | ₹25.00 | ₹26.30 | +5.20% | ₹8.00 | +204.00% |
| Mehai Technology IPO | ₹40.00 | ₹34.50 | -13.75% | ₹1.00 | -97.00% |
| Servotech Power IPO | ₹31.00 | ₹31.85 | +2.74% | ₹104.00 | +3264.00% |
| Shri Ram IPO | ₹19.00 | ₹22.80 | +20.00% | ₹10.00 | -47.00% |
| Focus Lighting IPO | ₹45.00 | ₹54.00 | +20.00% | ₹93.00 | +936.00% |
| Creative Peripherals IPO | ₹75.00 | ₹83.25 | +11.00% | ₹708.00 | +844.00% |
| RMC Switchgears IPO | ₹27.00 | ₹32.40 | +20.00% | ₹311.00 | +1050.00% |
| Nitiraj Engineers IPO | ₹100.00 | ₹94.50 | -5.50% | ₹197.00 | +97.00% |
Subscription Trend (Times)
GMP Trend (₹)
Ideal for investors who:
